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Toronto-Properties.ca

Your source for residential real estate information in the Greater Toronto Area...

Home Inspections Explained

What is a home inspection, and why should I have one performed?

A home inspection should not be confused with an appraisal, which is done by a certified appraiser. A home inspection is an OPINION of the CONDITION of a property, not an opinion of general value.

The cost of a home inpsection can vary from company and the size and location of the home, however on average costs $250. Arranging for a professional home inspection prior to purchasing a home can be a small price to pay for hte peace of mind a professional opinion can give.

There are many companies offering inspection services. Try to choose an inspector with a background in a building related field such as a contractor, architect or structural engineer. You may want to avoid inspectors who are also renovators, since their reports may not be objective and may include many unnecessary repair recommendations. Don't forget to ask for references.

Make sure you ask what areas of the home will be inspected. A thorough inspection includes an examination of both the interior and exterior of the home including the foundation, structure, heating and air conditioning systems, plumbing, electrical, roof, soffits, facias, walls, ceilings, floors, windows and doors.

Home inspections on average take 1 - 3 hours to complete. It is a good idea to accompany your home inspector and Realtor while the inspection is being completed so that you can see first hand any areas of concern. A good inspector will also be a wealth of information answering any questions that you may have about general maintenance and repairs.

At the end of the inspection, the inspector should provide you with written report summarizing the inspection, pointing out any problem areas.

Why should I have one performed?

A home inspection gives you an 'out' if necessary. When you are ready to put an offer on a home, you can make that offer conditional on a satisfactory home inspection. The condition is actually worded as follows:

THE PURCHASER has the right to obtain at his expense an inspection of the subject property by a qualified home inspector on or before midnight of January 4, 200x. In the event such inspection reveals deficiencies in the subject property which the Purchaser is unwilling to accept or which the Vendor is unable or unwilling to remedy then this offer shall become null and void and the deposit money shall be returned to the Purchaser in full without interest or deduction. This condition is included for the benefit of the Purchaser and may be wavied at his sole option.

Therefore, if the results of the home inspection are not to your satisfaction you can either have the vendor rectify the situation, or you can walk away from the deal without question. Of course, you still have to pay for the home inspection!

Check out a home inspection company we use often! Pillar to Post